Posted on 01/07/2008 1:24:09 PM PST by NormsRevenge
A state commission is recommending that California's state and local governments begin setting aside money to pay unfunded retiree health benefits that will total at least $118 billion over the next 30 years.
That is on top of $63.5 billion in unfunded pension benefits facing state and local agencies.
California's public pension systems have set aside money to cover 89 percent of their pension obligations. Otherwise, the $63.5 billion figure would be larger, the Public Employee Post-Employment Commission said Monday.
But the commission says governments are just beginning to deal with the costs of retirees' health benefits.
Just 22 percent of the state and local agencies responding to its survey have begun to set aside money to cover the health benefits they've promised retirees.
Davis’ legacy.
Davis’ legacy.
FRom a year ago, ..
CA: Retiree costs in state could hit $100 billion ^
http://www.freerepublic.com/focus/f-news/1761018/posts
Posted by calcowgirl
On News/Activism ^ 01/01/2007 1:24:12 PM PST · 31 replies · 1,092+ views
Ventura County Star ^ | January 1, 2007 | Timm Herdt
Public agencies must tell liabilities for workers When Charles Weis took over as superintendent of the Ventura County Office of Education in 1993, he took a look at the agency’s employee benefits package and envisioned a potential train wreck far into the future. The agency was promising to pay the health insurance costs for employees after they retired, but it was putting no money aside each year to cover those distant financial liabilities and had no real idea of what those future costs might be.
The State of California should suggest that their retirees take up smoking so that they can die sooner. This might be the only way CA can avoid bankrupting themselves with these idiotic pension and health care systems for the tens of thousands of public employee union members who have helped loot the state.
It was one heck of a loot tho, eh?
I truly regret not going to work for the state when I moved to CA 35 years ago. Stupid money and no accountability forever.
A billion here. A billion there. - It adds up.
Oh yeah! Those Gray Davis years were really something. Talk about having a hangover though. Its going to take an Excedrin the size of the moon to cure it.
So $63.5 billion is just 11% of their total pension obligations ... that $577 billion total.
How many people are on the government pension dole in la la land? If its a half million people that's over $1 million per ... where can I sign up
“unfunded retiree health benefits “
If a private company did this, they’d be off to jail.
It was Jerry Brown who allowed State employees to unionize. We're finally seeing the bill.
Best we hang it around his neck before he makes a comeback.
In San Jose, after someone puts in 15 years working for the city they have guaranteed health insurance for life. The plan currently requires NO copayments whatsoever for regular visits, emergency room visits or prescription drugs. An article in Saturday’s SJ Mercury news addressed this issue and said they were trying to change it so people would be required to pay $10 per regular visit, $20 for emergency room visit and $5 for prescription drugs. The spokesperson for the retirees said this wasn’t ‘fair’, the retirees were unable to plan for these additional costs.
Several rhetorical questions spring to mind.
1. Who on earth can expect to go to the doctor, emergency room or get prescription drugs for free?
2. Assuming you see the doctor twice per year for regular checkups, who cannot afford $20 for them?
3. Assuming you have a chronic condition that requires numerous doctor visits (1/wk for instance) who cannot afford $520 per year for what could reasonably be assumed to be thousands of dollars in medical care?
4. Who would possibly want to give up such a sweet deal?
5. Why didn’t I get one of those jobs?????
Davis’ legacy.
It was Jerry Brown who allowed State employees to unionize. We’re finally seeing the bill.
Best we hang it around his neck before he makes a comeback.”
Good ole Jerry Brown has already made enough of a comeback to be the State AG.
Don’t know what the law is there now for him running again for Governor.
His personal pension- Jerry Brown’s— has to be monumental.
He has been working for the state or for the City of Oakland as Mayor since he was weaned from the bottle.
By now, he has enough stach to run for President....??
Take it out of the State Legislature salaries. They are the ones that screwed it up and the employees shouldn’t have to pay for it.
Seems like they’d be better off to offer them a lump sum payoff.
How is this a “Davis legacy”?
You mean the legislature in 1974 and 1978, who enhanced the benefit? Or the legislature in 1961, when the benefit was first established.
I am sure the illegals will pony up to pay that
They could reduce it substantially by reducing benefits for future service, but of course they won’t do this. The easiest way out would be to just do away with Prop 13. Imagine the billions, possibly trillions, of dollars of untaxed value sitting there waiting to be looted!
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